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Home Page  Finance Real Estate Surge in Leasing Charges for Dubai Property |
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Surge in Leasing Charges for Dubai Property The current property boom in Dubai has sent rental charges rising upwards since the year 2002, at an average 37% increase according to The Dubai Municipality. The higher cost of living, unregulated rental increases and average 1.5% salary increase in the private sector, according to a study done by GulfTalent.com, has put a lot of pressure on Dubai's tenants. To alleviate some of that pressure, the Government of Dubai moved to impose a rental cap of 15% in October 2005. Higher Rental Charges Considering the rapid increase in Dubai's population that has swelled from approximately 800,000 in the year 2000 to 1.3 million in 2006, where it stands today, there is a shortage of residential apartments and villas for rent. This excess demand over supply has led to higher rental charges because property continues to be in short supply. New Projects Despite the current shortage, the future of Dubai property remains extremely bright. Over the next three years an additional 84,000 accommodation units are expected to be ready for occupancy as new projects are completed. The addition of these properties is expected to help stabilize the marketplace for rents. Good Investment Investors who have put their Dubai properties out for rent yield an average of 8-9 percent on their property at the current market rate. Deemed a good investment, several new comers and existing residents in the city are seeing the benefits of buying their own accommodations, instead of renting.
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Article Tags: Dubai Holiday Rentals, Dubai Property Rental, Dubai Property For Rent, Property For Rent In Dubai, Dubai Properties To Rent, Houses For Rent Dubai Article Source: http://www.articlesbase.com/real-estate-articles/surge-in-leasing-charges-for-dubai-property-55477.html  About the Author:Visit www.bhomes.com if you're looking for dubai property rental. We provide real-time listings of thousands of properties available to rent or buy across Dubai and the Middle East.
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